pip install PyQt IOError

That's because that file has a configure.py not a setup.py. configure.py generate a make file that you use to build pyqt against the qt lib you choose by passing --qmake option to configure.py, it has different options too. I suggest filing a bug with the pip maintainer.

If you're on Mac, you can use homebrew:

brew install pyqt

You can, alternatively, install PyQt4 using ActivePython's binary package manager.

$ pypm install pyqt4
The following packages will be installed into "~/.local" (2.7):
 pyqt4-4.8.3.0
Hit: [pypm-free.activestate.com] pyqt4 4.8.3.0
Installing pyqt4-4.8.3.0
$

So long as you already have PyPM, no compilation required.